The price of Crude oil climbed as high as $85.07 per barrel, its first intraday trade above $85 in seven years.
The global energy crunch in recent weeks have marked a hike in the prices of natural gas, coal, and crude causing a rise in the price of oil by 13% in the month of October alone and 120% in the last one year.
Brent Crude, the global benchmark gained 1% and hit an intraday high of $86.51 per barrel on Monday, a fresh three-year high.
The oil spike is amplifying inflationary pressures and raising cost of living around the world.
